中文版
CVCA Releases
China VC/PE Industry Survey Report 2012-2013 (3rd Annual Edition)


China Venture Capital and Private Equity Association ("CVCA") officially releases China VC/PE Industry Survey Report 2012-2013 (3rd Annual Edition). The CVCA annual survey aims to summarize the development status of China's VC/PE industry in 2012, evaluate the development environment, and foresee the industry development in the coming 2013. Besides, this report compares the key findings with that of 2010 and 2011 to offer insights and references for VC/PE professionals.

For more detailed information, please refer to the survey results. CVCA members please click the link below to download full report.

China VC/PE Industry Survey Report 2012-2013 (3rd Annual Edition)

Key Findings

Review in 2012

Overview of the Industry
  • The industry has witnessed a slower development and entered into the readjustment period
  • Evaluation on the policy environment tends to be negative, concerns are escalating
  • The difficulties in "Fundraising" and "Exit" are the greatest concerns of the industry
  • Industry talent development and intermediary services have experienced the greatest improvement, enhancing the overall industry environment
Development Status of LPs
  • LP investment is generally stable with a downward trend compared with last year
  • Over 80% of LP's IRR of portfolio investment is less than 25%
  • Demand for secondary market is emerging
  • Over 70% LPs enjoy special preferential terms beyond the LPA
Development Status of GPs
  • Fund investment has plunged year-on-year
  • P/E Ratio of investments is trending downwards, but risks still exist
  • LPs' default on capital contribution is at a relatively low level
  • Nearly 20% LPs in the funds managed by GPs have transferred their shares
  • Number of exits has dropped by 30% while exits through M&A hit a high record
  • Expansion of GP teams has slowed down
  • Compensation remains relatively stable
Outlook for 2013
  • Generally optimistic despite slight decrease in confidence index
  • More prudent towards the economic outlook of China next year
  • The investment trend of LPs is basically the same as 2012
  • Strong enthusiasm in fund raising with Limited Partnership RMB Funds as the primary choice
  • Investment opportunities in Mainland China are still highly regarded
  • Early and mature stage projects present the highest investment value
  • The Biomedical replaced Consumption to become the most popular investment target
  • Domestic Main Board becomes the primary choice for IPOs
  • Nearly 30% of the Red-Chip Companies have returned or plan to return
  • Demand for professional talents remains strong
Should you have any question or suggestion, please feel free to contact us. Contacts of CVCA: Mr. Vincent GUO, Director of Public Policy & Research, E-mail: Vincent@cvca.org.cn, TEL: 86 10 8518 3584- 803. Mr. Allen CHEN, Analyst, E-mail: Allen@cvca.org.cn, TEL: 86 10 8518 3584- 807. Ms. Esther GONG, Analyst, E-mail: Esther@cvca.org.cn, TEL: 86 10 8518 3584- 802.

Previous Annual Reports:
China VC/PE Industry Survey Report 2011
China VC/PE Industry Survey Report 2010

Chinese Version:
2012-2013年中国VC/PE行业发展与趋势调研报告
2011年中国VC/PE行业发展状况调研报告
2010年中国VC/PE行业发展状况调研报告




About China Venture Capital and Private Equity Association (CVCA)
Founded in 2002, China Venture Capital and Private Equity Association ("CVCA") is a member based trade organization established to promote the interest and the development of the venture capital ("VC") and private equity ("PE") industry in the Greater China Region. Its 100+ member firms collectively manage over US$500 billion in total AUM. CVCA members are representatives of the most seasoned PE/VC investors and service providers who have experienced global economic cycles. The members have made many successful investments in a variety of industries in the Greater China Region. CVCA is dedicated to promoting the progress and the healthy and sustainable development of venture capital and private equity in the Greater China Region.

More information about CVCA, please visit www.cvca.org.cn.